Mfi in 100!! - My Oct 2017 challenge
THRIFTY_GIRL
Forumite 304 Posts
I have been inspired by all the threads and diaries and have decided to set myself the challenge of being mortgage free in 100 months (following gallygirl's lead!!)
This means that my mortgage should be paid off by 31 October 2017:j
My first task this week will be to find out the current balance on my mortgage.:eek:
This means that my mortgage should be paid off by 31 October 2017:j
My first task this week will be to find out the current balance on my mortgage.:eek:
MFiT - T2 # 64start date: 1.7.09 MFW end date: 31.10.17
Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
Current balance: £177,977.07 (updated 18.12.10)
Target 12.12.12: From £194,000 to £140,000:p
MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
Current balance: £177,977.07 (updated 18.12.10)
Target 12.12.12: From £194,000 to £140,000:p
MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
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A dairy is a fantwastic motivational tool, I should know, i'm blabbering on most days!!;)
TPAx
When I finally get another mortgage I'll know all the tricks to clear it
MFiT3 48103/50000 Saved So Far :j
Good luck with your plans, you'll get some great support on here. Have you thought about signing up to the 2009 challenge or the 3 year one that starts at the end of this year?
Regards
ATT
Original Mortgage o/s £187,643 / £71,904 (-115,739)
Repay o/s £92,661 / now £55,900 (-36,761)
Int Only o/s £94,982, now £16,004 (-78,978)
Total daily interest £1 [a) £0.77 b)£0.23
Total OP's:2018 target £TBC YTD £1,995
THanks ATT. I will think about targets as soon as I have discovered my balance and budget. Watch this space, it is much easier doing it with others:grouphug:
WHat is the 3 year challenge called? I didn't realise this starts 1.1.2010 so will be ideal as I'll be back at work by then.
Start balance: £205,746.51 :eek: Month 18/100..paid 13.50%
Current balance: £177,977.07 (updated 18.12.10)
Target 12.12.12: From £194,000 to £140,000:p
MFI-3 reductions: £16,023/£54,000 achieved (29.67%):j
The thread is under Financial Bliss's name although him and Maz123 will be adminitistering it. You will probably find it on page 2 or 3 ish of the MFW thread site. Have a read, all you need to do is drop FB a PM (private message) advising him that you want to join. If you already know what your start balance will be in December then you can let him know along with your target but if not don't worry, you can let him know nearer the time.
Original Mortgage o/s £187,643 / £71,904 (-115,739)
Repay o/s £92,661 / now £55,900 (-36,761)
Int Only o/s £94,982, now £16,004 (-78,978)
Total daily interest £1 [a) £0.77 b)£0.23
Total OP's:2018 target £TBC YTD £1,995
If you've been reading the diaries and threads then I'm sure you've picked up some ideas already. Basically the crux of this challenge is to know what your target is and to include the mortgage alongside your other needs (pensions, general savings, savings for specifics like car, holiday etc) and to have a really good handle on your budget to maximise the opportunities to improve on savings, OP etc.
Best wishes in gathering your data together, don't rush, far better to have the really accurate data than to start out then need to trim back on aspirations.
Finally, it's a marathon, set short term targets across the complete financial spectrum. Do undertake a formal 3 yr review which includes your assessment of career, life goals, over 5, 10 and more years, and similar so you can identify some short term targets to aim for.
Good luck and as noted above keep this diary active as it is a great incentive to stay the course with the great support from everyone here.
Think ATT may be referring to the mortgage free in three take two challenge (MFiT-T2). See below for more details...
http://forums.moneysavingexpert.com/showthread.html?t=1402631
PM me once you have digested the info there if you're interested.
Financial Bliss.
Welcome to the MFiT-T2 mortgage challenge. I've just sent you a personal message (PM) and I've linked you back to this diary.
FB.
I'm planning to do the MFiT (T2) and we can keep each other motivated.
Currently part of the MFW 2009 gang.
Best of luck and keep us posted!